The following is a summary of the Granite Ridge Resources, Inc. (GRNT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Granite Ridge Resources reported Q1 2024 average daily production of 23,800 barrels of oil equivalent per day, a rise of 3% compared to Q1 of 2023.

• The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and Earnings Per Share (EPS) stood at $64.5 million and $0.12 per diluted share respectively.

• The company allocated a capital spending of $65 million during the first quarter of 2024 including $3 million of acquisitions.

• A cash dividend of $0.11 per share has been declared which is a 6.7% dividend yield compared to their closing price.

Business Progress:

• The company expanded their credit facility to a $300 million borrowing base and aims to clear its debt using sales revenue.

• A production ramp is planned for Q3, although there are slight delays due to deferred gas production.

• A total of 58 gross or 5.1 net wells were brought to production in the recent quarter and it aims to put approximately 24 more online by end of the year.

• Granite Ridge pursues a strategic partnership strategy for improved deal flow control and is exploring opportunities across Delaware Basin and Midland Basin.

More details: Granite Ridge Resources IR

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